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Michael Phelps has been suspended from competition for three months by USA Swimming, the latest fallout from a photo that showed the Olympic great inhaling from a marijuana pipe.

The sport's national governing body also cut off its financial support to Phelps for the same three-month period, effective Thursday."This is not a situation where any anti-doping rule was violated, but we decided to send a strong message to Michael because he disappointed so many people, particularly the hundreds of thousands of USA Swimming member kids who look up to him as a role model and a hero," a statement from USA Swimming read.

What Was Phelps Thinking?

Swimmer Michael Phelps isn't commiting to the world championships or the next Olympics after a picture of him with a bong surfaced, but he still says the pool is a huge part of his life. (Published Thursday, Feb 5, 2009)

Phelps has reportedly "voluntarily accepted" the reprimand and has "committed to earn back our trust," the statement continued.

This comes just hours after Kellogg said it's dropping Phelps at the end of his contract, which expires at the end of the month.

"Michael's most recent behavior is not consistent with the image of Kellogg. His contract expires at the end of February and we have made a decision not to extend his contract," a Kellogg spokeswoman said in a statement to Adage.

Kellogg also let its entire sponsorship of the U.S. Olympic Team expire in December, long before the Phelps brouhaha hit.

Phelps, who's been called the greatest athlete of his generation, also has a sponsorship deal with Subway. The sandwich-maker hasn't commented yet on Phelps' alleged pot smoking.

But if they think it through, marketing to potheads with serious munchies might not be such a bad call.